Define long run. long run synonyms, long run pronunciation, long run translation, English dictionary definition of long run. n. A rather lengthy period of time: The paint must not deteriorate in quality over the long run. American Heritage® Dictionary
These two types are the long‐run aggregate supply curve and the short‐run aggregate supply curve. By distinguishing them, you have a more realistic overview of an economy’s aggregate supply. We’ll come back to these curves in more detail as when we examine supply in the context of ...
The amount supplied is called the natural rate of output. Short-run economic fluctuations can occur without affecting the long-run output rate. Four Factors of Aggregate Supply The amount supplied is determined by thefour factors of production.2U.S. economic success is based on an abundance of ...
For example, firms often have long-term agreements with suppliers of resources. What does the short-run aggregate supply curve show? The Short-Run Aggregate supply curve is the graphical representation of SRAS. It's an upward-sloping curve that shows the positive relationship between the aggregate...
Stability of supply–need stable supply Stability of value–need stable value Function of money: A medium of exchange–money allows economic agents to exchange goods without the need for barter A unit of account(measure of value)-money as ...
Combinations of price level and income for which the labor market is in equilibrium. The short-run aggregate supply curve incorporates information and price/wage inflexibilities in the labor market, whereas the long-run aggregate supply curve does not. Demand An amount desired, in the sense that...
in the long run In the final analysis or outcome. in the short run In the immediate future. on the run 1. a. In rapid retreat: guerrillas on the run after an ambush. b. In hiding: fugitives on the run. 2. Hurrying busily from place to place: executives always on the run from ...
long run an abstract time period (in theTHEORY OF SUPPLY) long enough for allFACTOR INPUTSto be varied, but within an existing technological framework (known production methods). Thus, the firm's plant size, which is fixed in the short run, can now be altered to allow for an increased ...
drive stock prices. On the other hand, employment is typically somewhat of alagging indicator. Unemployment often remains high even as the economy begins to recover because many employers will not hire additional personnel until they are reasonably confident there is a long-term need for new ...
The aggregate supply curve measures the relationship between the price level of goods supplied to the economy and the quantity of the goods supplied. In the short run, the supply curve is fairly elastic, whereas, in the long run, it is fairly inelastic (steep). This has to do with the ...